Housing Wire

MAY 25, 2022

Between significantly fewer refinances, rising mortgage rates and housing inventory nearly cut in half since 2020, loan officers (LOs) and brokers face a pivotal time where adaptation is a must for success. With an anticipated doubling in market share in 2022 , non-QM products are top of mind for almost every mortgage industry professional.

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Debt-to-income ratio Lending Pre-qualification Loans 393

Redfin

JULY 11, 2023

In this comprehensive guide, by Redfin, we will delve into ten common questions about mortgages, offering valuable insights and expert answers. What is a mortgage? A mortgage is a loan specifically designed for purchasing a property, commonly a home. How does a mortgage work? What are the different types of mortgages?

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Pre-approval Mortgages Pre-qualification Debt-to-income ratio 59

Marco Santarelli

OCTOBER 6, 2023

Ultimately, a higher credit score improves your chances of securing a no-money-down mortgage and favorable loan terms. These no-money-down mortgage programs offer accessible pathways to homeownership, particularly advantageous for those with limited savings or facing financial constraints. What is a No-Money-Down Mortgage?

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VA loan FHA loan Pre-qualification Debt-to-income ratio 52

Toronto Realty Blog

MARCH 28, 2024

Those who know me – at least, through TRB, are fully aware of my thoughts on pre-construction condos, the pre-construction condo industry, and the way that pre-construction condos are sold and eventually built. Your “Buying Pre-Construction Condos and CAKE! Time flies when you’re having fun, right?

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RIS Media

SEPTEMBER 21, 2020

Mortgage interest rate : The price of borrowing money. Private mortgage insurance (PMI) : A fee charged to borrowers who make a down payment that is less than 20 percent of the home’s value. percent of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20 percent equity. Source: Zillow.

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HomeLight

DECEMBER 30, 2021

When you signed on the dotted line for your 30-year mortgage , it probably felt equal parts daunting and surreal. Taking on a mortgage is no casual agreement — which is why the loan qualification process is so stringent — but you’ll nearly always have options. Why pay off a mortgage early? Hey, you never know!).

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Mortgages Principal Loans Purchase and sale agreement 89

Housing Wire

SEPTEMBER 6, 2023

United Wholesale Mortgage (UMW) has enhanced its Safe Check program , which provides credit reports without initiating unwanted trigger lead solicitations to brokers’ competitors. UWM’s website clarifies that Safe Check is not eligible for home equity lines of credit (HELOCs), bank statement, investor and USDA loans.

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HomeLight

MAY 31, 2021

Before you even start looking, you’ll also need to find a mortgage lender who will determine how much house you can afford , make sure your credit is in good standing, and see what kind of loan programs will work best for you. How much mortgage do I qualify for? Adjustable-rate mortgages, or ARM loans, can be a bit trickier.

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Mortgages Debt-to-income ratio Loans Closing costs 60

HomeLight

JULY 30, 2021

The seller can determine the terms of the option, which may or may not include a pre-set purchase price for the home. And getting a mortgage? Qualifying for a mortgage isn’t affected by renting to own, and, says Almanzar, having a little extra time could even be a good thing. Lease-purchase agreements.

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Purchase and sale agreement Debt-to-income ratio Pre-qualification Inspection 98

Housing Wire

APRIL 19, 2022

The raison d’etre is the same whether you work as a mortgage loan officer at a depository bank or an independent mortgage bank – originate a purchase mortgage or refinancing for a client. The modules cover some mortgage-related topics, but there are also topics that pertain to other facets of working at a bank.

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Loan Officer Pre-qualification Banks Lending 382

HomeLight

JUNE 28, 2021

Due to the nature of how a home becomes a “HUD home,” purchasing one differs from the traditional homebuying process, and there are a few qualifications, special incentives, and risks that any savvy homebuyer should be aware of. Buyers should arrange financing with a bank or mortgage lender ahead of time. Qualifying for a HUD home.

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HomeLight

AUGUST 16, 2021

Are you prepared for the responsibilities of home maintenance, mortgage payments, and everything else that comes along with homeownership? Are you open to doing some sweat equity in the beginning?” The higher your score, the more likely you’ll be approved for a mortgage, and the better rate you’ll be offered. Can you do updates?

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Closing costs Purchase and sale agreement Inspection Loans 104

HomeLight

DECEMBER 8, 2023

Discover the Innovative Way to Buy Your Next Home Before Selling Your Current Home Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. Think of it as a temporary loan that taps into the equity of your existing home. When is a bridge loan a good solution?

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Equity Loans Debt-to-income ratio Home sale contingency 100

Redfin

APRIL 7, 2023

Get pre-approved for a mortgage My advice to first-time homebuyers is to find a good loan officer and get pre-approved, fully underwritten approval is best. – Robert Cenzer | Redfin Agent Don’t jump in and start house hunting until you have been pre-approved by your local bank or lender.

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Pre-approval Agents Pre-qualification Debt-to-income ratio 59

Redfin

JULY 30, 2021

For those buying and selling at the same time, this can be especially helpful if you’re trying to avoid a second mortgage or gap financing. However, you may spend more to sell your home if you make pre-listing repairs and upgrades, hire a stager, or professional cleaning service. . What are the costs of selling a home to an iBuyer?

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HomeLight

AUGUST 16, 2021

Properties get to this point after the borrower stops making mortgage payments for a period of time. Most REOs are sold on the MLS,” explains Todd Miller, who worked in mortgage banking for over a decade, has purchased several REO homes, and now runs the personal finance website TightwadTodd.com. But that’s only part of it.

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Toronto Realty Blog

MARCH 14, 2022

So if and when a buyer agent wants to argue against a particular price, I can simply advise, “Hey, I hear you, but I’ve had 87 showings on this property, fifteen agents have asked about pre-emptive offers, so if you want to use comparable sales from two years ago, I don’t think it’s going to help.”

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HomeLight

OCTOBER 9, 2023

I see so many offers come across my desk without pre-qualification letters,” he says. “A Learn more: Mortgage Pre-Qualification vs. Pre-Approval: What’s the Difference? The type of loan you choose can make a big difference in the cost of your mortgage.

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HomeLight

DECEMBER 6, 2021

You will just need to prepare for some additional complexities, such as: Taxes: It’s not a guarantee that you’ll owe taxes, but you may have to report a “gift of equity” that exceeds a certain amount to the IRS. Financing hoops: You may face additional scrutiny from the lender if your buyer will use a mortgage for their purchase.

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Purchase and sale agreement Marketing Equity Inspection 109

HomeLight

OCTOBER 5, 2020

A short sale is when a property is sold at less than what’s owed on the remaining mortgage balance. This type of situation usually occurs when the owner is financially distressed and no longer able to make their monthly mortgage payments. You’ll need to get preapproved for a mortgage loan. What’s a short sale?

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HomeLight

JANUARY 4, 2022

HomeLight’s 2020 agent survey found that buyers who would traditionally use a mortgage are finding ways to pay cash however they can. Buyers who re-invested their equity. A study from HomeLight echoes that 61% of agents have seen almost-retirees cash out of their homes a few years earlier than planned given recent equity gains.

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HomeLight

APRIL 11, 2022

When associated with a mortgage , an appraisal is a risk-prevention step for the lender that ensures the house is worth more than the amount of money that the buyer wants to borrow. For buyers, an appraisal is a requirement for most mortgages, both government-backed and conventional. Objective and impartial.

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Loans Pre-approval Agents Inspection 105

HomeLight

APRIL 30, 2022

But the latest home search apps can help fill in the knowledge gap by addressing everything you need to know in the home buying process, from mortgage payments to maintenance. Type in your address on the site to estimate your home’s value, track equity, calculate potential home sale profit, and view local market trends.

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HomeLight

MARCH 6, 2023

Closing costs in California average about 1% of the home’s sale price , and there are other pre-paid costs to consider as well. He explains that owning a house is the most constructive and easiest way to build wealth, and even if you pay more now, you are still building equity, and will likely enjoy significant tax benefits.

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HomeLight

AUGUST 31, 2020

And what that pre-qualification entails is asking a series of detailed questions to not only gather as much data and information as I can as far as the who, what, where, and why, you know, somebody’s motivation, what they’re looking to accomplish, timeframes, things of that nature. So it’s a combination of two things.

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HomeLight

MAY 17, 2021

In this week’s episode of The Walkthrough, agent and coach Aaron Novello shares how pre-qualifying sellers has helped his team win 80% of its listing appointments. And then we do send, you know, a pre-listing package prior to connecting. That means you need to bring your “A” game if you want to get those listings.

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Kyle Handy

FEBRUARY 24, 2023

This results in immediate follow-up and pre-qualification of leads, allowing you to concentrate on the best opportunities. Home Report – Integrate property valuation and mortgage payoff to generate equity reports and automatically send them monthly, quarterly, or whatever frequency you desire.

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Brokerage Pre-qualification Sales Technology 52

Housing Wire

MARCH 22, 2024

Before meeting with a mortgage lender, buyers should have a clear picture of their finances. Get pre-approved with a local lender. Yes, many buyers will hop online and get a generic pre-approval letter. Yet they’ll be unable to because they aren’t pre-approved for that amount. Meet with a financial advisor.

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The Close

DECEMBER 29, 2022

Furthermore, in today’s market, understanding our complex mortgage industry could actually help you close more deals and maybe even save clients money. So we’ve included a handy download with questions your clients should ask their mortgage broker. Adjustable-rate mortgage (ARM). Assumable mortgage. Acceleration clause.

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Purchase and sale agreement Title Proof of funds Pre-approval 97

HomeLight

DECEMBER 6, 2022

A house is typically a person’s largest financial asset, and the decision to sell solo is often understandably driven by a desire to save on commission fees and pocket more equity from a hard-earned investment. In recent years, the hot New Jersey real estate market and a steep rise in equity added extra incentive to maximize profits.

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Purchase and sale agreement MLS Pre-approval Agents 81

Toronto Realty Blog

MARCH 25, 2022

Have a look… – “Mortgage Industry Urges Ottawa To Tackle Housing Affordability, Takes Aim At Homebuyer Incentive” Financial Post. The move would mean more mortgages qualify for insurance and would not require a full 20 per cent down payment. To our first point, increasing the mortgage insurance cap to $1.25

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Purchase and sale agreement Construction Pre-approval Development 77